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Dream Office sells 9 properties YTD; Care Capital unloads 7 assets

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Dream Office sells 9 properties YTD; Care Capital unloads 7 assets

This feature rounds up recentproperty news from covered companies and highlights larger deal coverage alreadypublished.

* Care CapitalProperties Inc., which was spun off from Ventas Inc. in mid-2015, disposed of seven assets in thefirst quarter, totaling about $10 million.

Further, it is under contract to sell seven assets for $95 millionpursuant to the exercise of a fair market value-based tenant purchase option. Thatdeal is expected to close in the second quarter.

The company also agreed to fund a four-year, $25 million mezzanineloan secured by four of the assets being acquired under the purchase option. Theloan bears interest at 10% per year and is expected to close at the same time asthe sale.

* Apple HospitalityREIT Inc. has agreed to purchase four under-construction hotels forabout $81 million. They include a 128-room Home2 Suites by Hilton in Atlanta; a124-room Courtyard by Marriott in Fort Worth, Texas; and a dual-branded 210-roomHilton Garden Inn and Home2 Suites by Hilton property in Birmingham, Ala.

The deals, previously announced with the company's fourth-quarter2015 results, are still expected to close in 2016 and 2017.

* DCT IndustrialTrust Inc. has sold nine buildings comprising 1.9 million square feetsince Jan. 1, generating gross proceeds of $98.7 million.

The company has also commenced construction of three properties.DCT North Satellite Distribution Center, a 548,000-square-foot building in the I-85/South/Airportsubmarket of Atlanta, is expected to be done in the first quarter of 2017. DCT Commerce Center Phase II BuildingC, a 136,000-square-foot building in the Airport West submarket of Miami, is expectedto be complete in the fourth quarter. DCT Airport Distribution Center Building D,a 95,000-square-foot building in the Southeast submarket of Orlando, is expectedto be done in the third quarter.

* Cedar Realty TrustInc. on May 4 acquired GlenwoodVillage in Bloomfield, N.J., for $19.5 million.

* Rexford IndustrialRealty Inc. acquired for $7.7 million a four-building industrial complexin El Monte, a submarket of Los Angeles' San Gabriel Valley. The 79,050-square-footproperty is at 10750-10826 Lower Azusa Road.

The company also sold 6010 Paramount Blvd., a 16,534-square-foot building, in LongBeach, Calif., for $2.5 million. The sale proceeds were used in a tax deferred exchangeand contributed toward the El Monte acquisition, which was also fundedwith cash on hand.

* A SoTHERLY HotelsInc. affiliate has agreed to sell the Crowne Plaza Hampton Marina in Hampton, Va., toThree Capital Hotels Inc. for $5.8 million. SoTHERLY intends to use the sale proceedsto repay the existing first mortgage on the property and for general corporate purposes.

* Corrections Corp.of America has leased its North Fork Correctional Facility to the Oklahoma Departmentof Corrections. Corrections Corp. will be responsible for repairs and maintenance,property taxes and insurance, and other aspects and costs of facility operationswill fall to the Oklahoma Department of Corrections. The lease starts July 1 andhas a five-year base term, with unlimited two-year renewal options.

Average annual rents for the base term is $7.5 million, includingannual rent in the fifth year of $12.0 million. Following the initial five-yearterm, annual rent will be equal to the rent due during the prior lease year adjustedfor CPI increases.

* Dream OfficeREIT has sold nine properties covering 1.1 million square feet year-to-datefor net proceeds of C$212.2 million. Net proceeds were primarily used to repay debtand invest in the company's properties.

* Northview ApartmentREIT said it won the contract from the Nunavut Housing Corp. for 20units of staff housing in Cambridge Bay, Nunavut. The company's development comprises36 units, and occupancy is expected in the 2017 second quarter.

Additional coverage:

: The 100,756-square-foot property is now 100% pre-leased.

CatchMark to pickup SC timberlands for $101.8M: The company is buying the timberlandsfrom Forest Investment Associates-managed funds.

Independence Realtyoffloads Phoenix property for $47M: The company received net cash proceedsof roughly $18.4 million, after transaction costs and full repayment of the debtunderlying the property.

Vornado refinancesretail portion of Manhattan, NY, building: The company refinanced theretail asset with a $60 million loan, The Real Deal reported.

Lexington RealtyTrust funds Ala. property construction: The company also announced itsold a land investment in New York City.

Paramount closesdebt fund, inks new lease deal: The company completed the final closingof a debt fund, bringing its total capital commitments to $775.2 million.

Brookfield Propertylogs higher Q1 FFO YOY: The company outlined a number of property transactionsmade in recent months in reporting its results.